On August 17, the 2023 Business Forum with the theme "Innovating the growth model" was organized by Forbes Vietnam in Ho Chi Minh City. At the discussion session "New challenges - New opportunities", Mr. Luu Trung Thai - Chairman of the Board of Directors of MB Bank gave his views and opinions on the application of information technology in business operations.
Mr. Luu Trung Thai - Chairman of the Board of Directors of MB Bank shared at the event
Responding to the digitalization orientation, Mr. Luu Trung Thai affirmed that he had soon realized that digital transformation was a "great opportunity" for the bank and a matter of survival for every organization, therefore, the bank has focused on investing systematically in digital transformation in the past 5 years.
"For us, the definition of MB is now not simply a bank, but MB wants to become a digital enterprise," said the Chairman of MB's Board of Directors.
He shared that MB determined that digital platforms will account for about 50% of the bank's revenue in the next 4 years, and currently account for about 20% of revenue.
MB currently serves more than 23 million customers, with a transaction rate on digital channels reaching over 95%. With these impressive numbers, when asked about the investment strategy for digital transformation, Mr. Luu Trung Thai said that digital transformation starts with "small experiments" instead of immediately investing a large amount of money from the beginning.
"After each test is a testing phase. If we get the desired results, we will move on to larger investments," he said.
Discussion session "New Challenges - New Opportunities" at Business Forum 2023
Thanks to strong investment in digital platforms and data, over the past 5 years, MB's branch size and number of employees have not increased, but profits have still increased by 18-25%. "This shows that the bank's labor productivity has increased significantly," Mr. Luu Trung Thai emphasized.
In addition, digital transformation also helps MB "serve customers with completely different experiences". Now, with two digital platforms App MBBank and BIZ MBBank and the smart automatic banking system MB SmartBank, customers can perform almost any transaction without going to a branch or spending a lot of time on traditional processes.
Also at the 2023 Business Forum, MB was honored by Forbes Vietnam as one of the 50 best listed companies in Vietnam in 2023. "MB is one of the private joint stock commercial banks with the most impressive growth, which is why MB is on this list for the 9th consecutive time," said a representative of Forbes Vietnam.
MORE INFORMATION:
The Business Forum is an annual event organized by Forbes Vietnam. In 2023, with the theme "Innovating the growth model", the forum brings together experts and senior leaders from leading domestic and international enterprises to discuss technology trends, new business models and profound practical experiences from the market in the context of a volatile business environment.
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